Markets Move Upward, Bharti Airtel Shines

The Indian markets were firm in the afternoon trading session on the back of short covering and buying seen in banking stocks. The Nifty is trading higher by 31 points at 5719 and Sensex is 84 points up at 18,816. Both the indices are trading up in the range of 0.51%-0.57%.

The advance-decline is on the positive side. On the NSE, 656 shares are trading in the green and 538 shares are in the red.

Top 5 NSE Gainers: Bharti Airtel is the top gainer on the NSE trading up by 3.25%, followed by HDFC, Axis Bank, L&T and Ranbaxy Labs.

Top 5 NSE Losers: NMDC is trading down by 3.31%. Hero MotoCorp, Jindal Steel and Power, Power Grid and Tata Consultancy Services are among the other losers.

Most of the sectoral indices are trading in the positives. Capital Goods, Bankex and Auto are firm in the afternoon session. Metal, Consumer Durables and IT are trading weak.

The Asian markets have extended their fall. Japan’s Nikkei 225 and KOSPI are trading lower by 1.23%-1.25%, followed by Hang Seng and Taiwan Weighted. China’s Shanghai Composite is the only Asian market trading in gains.

Buzzers: Agro Tech Foods has rallied 3.65% to Rs 512 after the company said that its board of directors will meet on April 24, 2013 to consider a proposal of buyback of equity shares of the company.

The stock of Jet Airways has surged up by 3.29% at Rs 515 on the back of heavy volumes. Eithad has been in talks for 24% equity stake in Jet Airways, valued at around USD 300 million, ever since India relaxed ownership rules and allowed foreign investors into the country. Reports suggest that the deal would be finalised in the month of May.

After a strong consolidation, the market has moved back near its resistance level of 5730. It needs to sustain above these levels for a fresh move.